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The government, which has been forced to slash spending because of low oil prices, has awarded a contract to PwC, the consultancy group, to identify between SR50bn and SR75bn ($13bn-$20bn) in savings, say people aware of the matter.

The focus of the cuts will be on capital expenditure, such as infrastructure projects, as Riyadh hopes to avoid any politically sensitive spending reductions after austerity measures last year triggered an outburst of public discontent."

Prices have climbed almost 20 percent to above $50 a barrel since the Nov. 30 agreement by the Organization of Petroleum Exporting Countries to cut production for the first time in eight years to curb a global glut. OPEC is reducing output along with 11 other producing nations including Russia after a slump in oil prices the past two years eroded revenue.

Crude at $50 a barrel “isn’t going to cut it” for most producers, Mazrouei told an Abu Dhabi energy conference Wednesday. When asked if that level should be a floor, he said: “I will never quote a price because I truly believe we should not target a price.”"

The Tadawul, as the biggest bourse in the Middle East is known, is working with international index compilers to effect the changes they need, Chief Executive Officer Khalid Al Hussan said in in an interview in Riyadh Wednesday. Joining neighbors United Arab Emirates and Qatar in the emerging-market stable could unleash $11 billion of investment in the Saudi market, according to calculations by the research division of EFG-Hermes, the biggest publicly traded Arab investment bank."

"Qatar Airways is in discussions with French-American engine maker CFM International about supplying engines for a revamped order for Airbus narrow-body jets that it expects to finalise "soon", its chief executive said on Thursday.

The Gulf airline has cancelled four A320neo jets powered by alternative Pratt & Whitney engines and expects to swap the overall aircraft order, which was originally for 50 jets, to larger A321neo aircraft.

Qatar Airways Chief Executive Akbar Al Baker acknowledged that his airline had received attractive prices when it originally ordered the new Pratt & Whitney engine, but said a decision on whether to keep those or switch to CFM would depend on delivery and performance guarantees."

Speaking at a conference in Abu Dhabi, Falih predicted global demand for oil would grow by well over 1 million barrels per day in 2017.

The oil market has been moving toward a balance of supply and demand and December's agreement by OPEC and non-OPEC producers to cut output will accelerate that process, he said. The deal is for six months and producers will consider later whether to renew it, he added."

"There's an appetite for more mergers. I expect to see mergers continue in a positive way in Abu Dhabi," Mubarak told reporters. He did not elaborate on which firms might merge.

Last June, the Abu Dhabi government said it would merge Mubadala and another state fund, International Petroleum Investment Co, responding to the impact of low oil prices by pooling their investment power and consolidating operations. Mubarak said on Thursday that the merger was in its final stages and would be completed within weeks."

Brent crude LCOc1 was up 70 cents at $55.80 a barrel by 1135 GMT (6:35 a.m. ET). U.S. crude CLc1 was up 60 cents at $52.85.

The Organization of the Petroleum Exporting Countries agreed in November to cut oil production to try to reduce a global supply glut that has depressed prices for more than two years. Several OPEC members appear to be implementing the deal."